...I want a payment of ≈$250 per month
1.
save that $250 for four ≈$1,000 saved up toward
a car
2.
Now, drive this car for one year
a.
during
which time you spend another $1,000 in car repairs
b.
continue
to save up that $250 per month.
3.
After driving the 'crap car' for one year
a.
you have saved up $3,000 in cash,
b.
spent $1,000 of it in car repairs
c.
have a car worth $800.
d.
THE RESULT: $3,000 - $1,000 + $800 = $2,800.
e.
NOW you already have $2,800 to put toward your
next car!
4.
So, now you go out and buy yourself a $2,800
used car.
a.
drive it for one year
b.
continue to save up your $250 per month
5.
After that year
a.
$3,000 saved up
b.
$800 in car repairs
c.
Car worth $2,300
d.
THE RESULTS: $3,000 - $800 + $2,300 = $4,500.
e.
Now you can go out and pay cash for a $4,500
car.
6.
A $4,500 car is quite a step up from the 'crap
car' we started with. Since this is a bit nicer car, let's drive this one for
two years instead of one.
a.
After those two years
b.
Saved up $6,000
c.
spent $1,400 in car repairs
d.
sell the car for $3,000
e.
THE RESULT: $6,000 - $1,400 + $3,000 = $7,600!
f.
You go out and buy a pretty nice, used, $7,600
car and drive it for three years.
7.
In those three years, you've saved up $9,000 had
$2,000 in car repairs, and sell the car for $5,000. $9,000 - $2,000 + $5,000 =
$12,000!
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